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Benefits
Asking Price
$1,295,000
Cap Rate
The capitalization rate is the rate of return on a real estate investment property based on the income that the property is expected to generate.
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Lot Size
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Building Size
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Premise Summary
RARE OPPORTUNITY TO OWN A HOME & A MASSIVE 4400 SQ FT DETACHED SHOP ON NEARLY 1.3 PRIVATE ACRES! Welcome to this exceptional property located at 308 Park Street. Situated in the heart of Victoria Harbour, offering residential comfort and entrepreneurial opportunity. Nestled on nearly 1.3 acres, it features a fully updated 2-story home and a longstanding auto body and repair shop. The 1,900 sq ft home boasts a modern kitchen, combined living and dining, and a 3-piece bath on the main floor. Upstairs, three bedrooms and another 3-piece bath provide ample space. Enjoy nearby beaches, marinas, and parks, with easy access to Highway 12 and a 10-minute drive to Midland. Within walking distance are schools, a community center, and shopping options. The house is completely separated from the shop, with a private backyard that provides a serene and secluded retreat. The shop, serving the community for 39 years, offers diverse revenue streams with C1 Zoning. Recent upgrades to the shop, including a comprehensive renovation five years ago with approximately $500k spent on upgrades, including a new HVAC system, electrical, plumbing, siding, two hoists, a 26-foot platform height scissor lift, soffit, fascia, eavestrough, and a recently installed garage door. With 7 bays, along with a paint room and booth, a print room, and an office complete with a bathroom, it's equipped for various automotive needs. Ample parking to accommodate 35 vehicles. The home also features recent updates, including plumbing, wiring, a new gas furnace, central a/c, an owned hot water tank, and newer shingles. There's potential income by renting out the house while utilizing the shop For A business venture offering a unique investment opportunity! (id:39198)
Location
Province
Ontario
City
Tay
Address
308 Park St
Postal Code
L0K2A0
Location Highlights
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Listed by
RE/MAX HALLMARK PEGGY HILL GROUP REALTY Ontario listing
Category
Property Information
Premise Status
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With Accommodation
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Tenancy
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Lot Size
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Available Space
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Building Size
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Year Built
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Years Remaining in Current Lease Term
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Renewal Options
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Operational Information
Number of Working Owners
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Current Owner - years
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FF & E
Furniture, Fixtures & Equipment that remain with the business.
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Inventory Value - approximate
Consumable items the restaurant sells or uses such as food, beverages, cleaning supplies, etc.
Not Included
Franchise
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Financial Information
Yearly Rate
$1,295,000
Asking Price
$1,295,000
Cap Rate
The capitalization rate is the rate of return on a real estate investment property based on the income that the property is expected to generate.
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NOI
Net Operating Income equals all revenue from the property, minus all reasonably necessary operating expenses.
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Gross Revenue- annual
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Cash Flow - annual
1 Take your “Net Income before Taxes”, then,
2 Add up all payments to: owners + interest + allowances for asset depreciation.
3 ADD together 1 + 2 = CASH FLOW (aka Seller’s Discretionary Earnings)
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EBITDA
Earnings Before Interest, Taxes, Depreciation, Amortization.
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Premises Size (square feet)
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Other Information
Owner willing to Finance
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Absentee Owner
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Support and Training
Not Included
Growth and Expansion
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Market Competition
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